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Old 3rd December 2013, 10:08   #2626
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I am planning to buy a new car and transfer my old car's NCB to the new one. I am selling the old car to the used car dealer. I have a bunch of queries with regard to NCB transfer:
(i) The used car dealer told me that if I get the NCB letter, the policy on my current car will lapse so he will have to get a new one before selling it and that he will charge me Rs. 4000/- for the new insurance policy. Is this right?
(ii) I tried to get a quote from both Bajaj Allianz and Royal Sundaram through their websites. Bajaj told me that they will give me a quote with the 50% NCB accounted for. Royal called me up and told me that they cannot give the NCB on the new insurance policy but I have to pay the full premium and get a reimbursement of the 50% NCB later. Royal says that this is as per norms from IRDA. Not sure who is correct and what the process is.
i) Absolutely wrong. The policy does not lapse and is valid on the car till the end of the policy period. Tell the used car dealer to take a hike.
ii) The simple way out is get the NCB letter from the present Insurer and use it during the purchase of Insurance for the new car. If you are buying the new car first and have already paid the Insurance premium, furnish the NCB letter and get the reimbursement of the amount from the Insurer.

If you are selling the car to an used car dealer, please ensure that you change the ownership of the car and transfer the insurance to the used car dealer's name. Obtain the changed ownership proof (RC copy). If the dealer tries to delay or act smart, think otherwise.
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Old 3rd December 2013, 14:09   #2627
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by hsejars View Post
I am planning to buy a new car and transfer my old car's NCB to the new one. I am selling the old car to the used car dealer. I have a bunch of queries with regard to NCB transfer:
(i) The used car dealer told me that if I get the NCB letter, the policy on my current car will lapse so he will have to get a new one before selling it and that he will charge me Rs. 4000/- for the new insurance policy. Is this right?
You can obtain NCB letter from insurance company based on delivery note. Some companies might ask for updated/new RC/smart card in order to ensure that vehicle has been sold. New owner needs to transfer insurance in his/her name & would have to pay difference due to NCB for reminder of policy period. Current car policy doesn't lapse but needs to be transferred to new owner else new owner can't claim any insurance in case of an accident. Used car dealer might have misinterpreted this.
In worst case, if dealer doesn't co-operate, cancel current insurance & obtain NCB letter. Handover the car to used car dealer with only third-party insurance (less than Rs. 2000).

I hope you read this thread, http://www.team-bhp.com/forum/buying...-premiums.html (ARTICLE: No Claim Bonus - How to save on your insurance premiums!)


Quote:
(ii) I tried to get a quote from both Bajaj Allianz and Royal Sundaram through their websites. Bajaj told me that they will give me a quote with the 50% NCB accounted for. Royal called me up and told me that they cannot give the NCB on the new insurance policy but I have to pay the full premium and get a reimbursement of the 50% NCB later. Royal says that this is as per norms from IRDA. Not sure who is correct and what the process is.
You can either ask reimbursement in 1st year insurance and if that doesn't work, use NCB while renewing in 2nd year.
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Old 4th December 2013, 12:49   #2628
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Default Re: Automobile Insurance Queries? Ask me

Thank you ghodlur, sukiwa for your inputs. I will talk to the used car dealer again.

Sukiwa, I had missed the thread that you pointed to. Let me start reading through it. Thanks once again!
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Old 6th December 2013, 15:15   #2629
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Default Re: Automobile Insurance Queries? Ask me

Guys

My safari's insurance is lapsing on this 8th. I have Bajaj Allianz's policy which was bought for 15.5k. Now the local tata dealer (Malik Motors, Hyd) is qutoing me 16.5 k with 35% NCB for National Insurance. They are saying BA has no cashless tie up with Tata. But last year when I shifted from Royal Sundaram to BA, BA sais that they do cashless transaction.

Need advice on this..Thanks

Sushil
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Old 8th December 2013, 10:38   #2630
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But last year when I shifted from Royal Sundaram to BA, BA sais that they do cashless transaction.
Thats the worst part of the Insurance renewals, its the dealer/workshop's prerogative to have the cashless tie up with whichever Insurance co they want to tie up with (based on their commission benefits). Find out with which Insurance co does the workshop have the cashless tie up for the year and try to check the renewal premiums online and compare the dealer's quote with online. Take a call accordingly.
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Old 8th December 2013, 10:43   #2631
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Which insurance company has Toyota tieup with for cashless claims PAN India ?
Dealer is pushing for Toyota Protect citing so and its very expensive also.
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Old 8th December 2013, 10:47   #2632
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Which insurance company has Toyota tieup with for cashless claims PAN India ?
Dealer is pushing for Toyota Protect citing so and its very expensive also.
I doubt if the tie up with a Insurance co is pan india. It will be city specific. Jabalpur tie up will be different from Mumbai dealer tie up for eg. Thats what you need to find out with the dealer in your city. Toyota owners who opted for Toyota protect can chip in here.
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Old 10th December 2013, 11:26   #2633
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Friends,

I have a query regarding NCB transfer. Here is the sequence of events.

I bought a used innova in March 2013. It had two months of insurance policy remaining, which I got transferred in my name (in March itself). The service provider was Bharati Axa.

In March, I also sold off my indica, and started processing of its NCB letter with Tata AIG. However, they goofed up (or their courier, as they claim), and I finally got hold of the NCB letter only in June.

In the meantime, in May, the innova insurance was up for renewal, and I did not have the NCB letter with me. So my insurance advisor advised me to pay up the full premium (without NCB), and assured me that the right amount will be refunded once I produced the NCB letter. Without much of an option, I complied. It was ICICI Lombard this time around.

In June, I submitted the NCB letter, demanding the refund. After numerous follow-ups, the advisor told me last week that the refund could not be processed, because it was a renewal case. He told me that I should not have transferred the insurance in my name in March, and should have opted for a new policy instead. That would have enabled me to avail the NCB benefit.

As you can guess, I am thoroughly confused, and I am not sure who is taking me for a ride. Can someone knowledgeable about this help?

Thanks!!
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Old 12th December 2013, 21:11   #2634
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Dear All,

Please feel free to post all your insurance related queries here. I would be glad to answer them with accuracy and to your satisfaction.

Last edited by aah78 : 13th December 2013 at 02:00. Reason: Post moved to existing thread.
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Old 13th December 2013, 06:41   #2635
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Dear All,

Please feel free to post all your insurance related queries here. I would be glad to answer them with accuracy and to your satisfaction.
Please help with this Toyota protect insurance posted a few posts ago
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Old 13th December 2013, 08:12   #2636
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I am not sure who is taking me for a ride.
Its clear, ICICI is taking you for a ride. They should have refunded the NCB amount once the letter is provided to them. Take it up with them strongly. Your Insurance advisor also needs to be pulled up for not coming to your help in this case. ICICI is BSing you regarding the NCB applicable of new insurance policy.

Of all Insurers, why ICICI?
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Old 13th December 2013, 16:47   #2637
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Of all Insurers, why ICICI?
@Ghodlur,

Thanks for your help. Yes, pulling up ICICI Lombard is on my agenda on Saturday. I am going to bypass my advisor and am planning to take the matters in my own hands.

Why ICICI? Well, I hope I don't end up asking the same question to myself!!
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Old 13th December 2013, 16:57   #2638
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Default Re: Automobile Insurance Queries? Ask me

For an IDV value of 5L with 35% NCB on a bumper to bumper plan, what premium should I be looking at? I have been receiving conflicting quotes from different companies.

My existing plan is from Bajaj. What is the general feedback on Bharati AXA & Reliance? I was told both are cashless via Honda Insurance

Last edited by mail4ajo : 13th December 2013 at 17:03.
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Old 13th December 2013, 17:01   #2639
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Mail4ajo pls stay away from both Bharti & Reliance. Both have a very poor claim settlement ratio.
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Old 13th December 2013, 18:38   #2640
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Mail4ajo pls stay away from both Bharti & Reliance. Both have a very poor claim settlement ratio.
Thanks sir. I think I will try for more discounts from Bajaj.

I received a quote for 14.8K from Bajaj after negotiation. I feel its very close to the 15.3K I paid last year. Any reason why it is not coming down with a reduction in IDV value and 35% NCB. It will be great if you can review the quote and see if there is any scope for more reduction. I can send it to you.

Last edited by mail4ajo : 13th December 2013 at 18:39.
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